- First REIT's DPU of 0.58/2.36 Singapore cents for 4Q24/FY24 (-6.5%/-4.8% y-o-y) was in line with our estimates, forming 25%/100% of our FY24e forecast.
- The y-o-y decline in DPU was due to the depreciation of the IDR and JPY against the S$, partially offset by higher rental income in local currency terms. 4Q24 DPU of 0.58 cents was unchanged q-o-q.
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- The long WALE of over 10 years and base rental escalation for First REIT’s portfolio continue to provide earnings visibility going forward. The current First REIT's share price implies an FY25e DPU yield of 9.2%.
The Positives
Higher contributions from Indonesian hospitals in local currency terms.
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- Rental income in Singapore grew 2%, while income from Japan remained stable y-o-y in local currency terms.
Stable capital management.
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